Is it Better to Rent a Home or Own a Home?

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

Should you rent a home or own a home? Owning a home comes with many benefits, and you may actually be able to afford a home sooner than you think.

When you rent a home, you can get trapped by rising rental rates. When you own a property, you are able to lock in your monthly cost for the life of your mortgage.

Another thing to consider is that it’s actually cheaper to own than it is to rent. Any time you rent a home, you are actually paying the landlord’s mortgage and putting some cash in their pocket. When you own a home, you are paying off your own mortgage and building equity in your home.

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Don’t put money into the landlord’s 
pocket; build your own wealth.

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Finally, it’s good to know your options. If you’re renting right now or thinking about entering into another rental lease, consider speaking with a lender. Find out your credit and financial situation. You may be able to purchase a home, and sellers will even pay some of your closing costs.

Don’t get caught in the trap that so many renters do. Everyone is busy and some people procrastinate on big decisions like this. Don’t let another minute go by. I can refer you to some great lenders so you don’t have to put money into another landlord’s pocket.

If you have any questions, please don’t hesitate to reach out to me. I would be happy to help you!

What Is Happening in the Pittsburgh Real Estate Market?

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

I usually get the same five questions about our real estate market. Here is what’s happening in the Pittsburgh area right now:

1. Are we in a buyer’s or seller’s market? If the market has fewer than five months of inventory, it’s a seller’s market. Five to seven months of inventory is considered a balanced market, while anything over seven months is a buyer’s market. Right now, there are 1,610 homes on the market, which comes out to about 5.4 months of inventory, which means we are on the lower end of a balanced market.

2. What does the current housing inventory look like? Houses are currently selling close to or at market value. Since we are on the low end of a balanced market, there are still fewer homes than there are buyers.

3. How does the current inventory affect home values? Right now is a great time to sell a house. Since inventory is low, you can get more money for your home because there is less competition out there.

4. What do interest rates look like right now? Interest rates remain at historic lows. Nationally, rates are at 3.66%. Rates might increase soon, however, as the Fed is seriously considering an increase in rates.

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Interest rates will probably go 

up very soon.

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5. What does all of this mean for buyers and sellers? For sellers, now is a great time to sell your home. If you’re a buyer, you still have a little bit of time to lock in a low rate. Get pre-approved now and get that low interest rate.

If you have any other questions about our current market, just give me a call or send me an email. I would be happy to help you!